It is no secret that the information in your credit report may be used to help determine whether or not you will get a loan and how much you will pay in interest. It can even be used to determine the cost of your insurance or if you can get a new job or apartment. But how much do you really know about credit reports and credit scores and how to improve them?

It is important to know what's on your credit reports and why, and it's especially important to know how to rebuild a credit history if the scores are low. Here are a few tips:

Review your credit reports for inaccurate information. You can request a free copy of your credit report from each of the three major credit bureaus - Equifax, Experian and TransUnion - once every 12 months. You can also get one under certain other circumstances, such as if you've been denied credit or employment based on your credit report or if you believe you may be a victim of fraud or identity theft.

To order your free annual report from any of those three companies, call toll-free 1-877-322-8228. Remember to review each report carefully, as the information in your file at each bureau may vary. And, if you receive a notice that a lender or another entity used a credit report from a company other than one of these three credit bureaus, request your free copy from that bureau, too.

Once you obtain your report, review it for any inaccurate information and, if you find any, follow the procedures outlined by the credit bureau to dispute the information. You should review your credit report regularly, and it is particularly important to make sure your credit report is accurate before you apply for a loan because the information in your credit report will determine your credit score.

Know your credit score. Your credit score is a number that is developed by Read More>>